TORONTO, ON--(Marketwired - June 28, 2016) - Concord Adex yesterday announced Home Ownership Made Easy (HOME) -- a program to give local first-time buyers an advantage when purchasing their first homes. Committed to helping Ontario residents realize their dreams of home ownership, Concord has halted all sales in its new LakeFront and LakeShore developments and is bringing 30 local first-time buyers to the front of the line. With HOME, local first-time buyers will only pay half of the deposit and will receive a mortgage helper gift equal to half of their first year mortgage payments.
"Toronto is a great place to live, and like any vibrant city, property is in high demand. As an organization, we understand the challenges confronting first-time buyers," Dennis Au-Yeung, Chief Financial Officer at Concord, said. "This program offers local first-time buyers a unique opportunity to enter the housing market and reaffirms our commitment to building better communities in Toronto."
With HOME, on a $350,000 condominium, local first-time buyers will pay a deposit of $35,000 instead of $70,000. Upon closing, Concord will also give buyers a mortgage helper equal to half of their first year mortgage payments. Buyers must prove they have lived in Ontario for at least the past two years and they are Canadian citizens or permanent residents.
Concord will begin accepting applications for HOME at its Canada Day celebration on July 1st at its Presentation Centre at 23 Spadina Avenue in Toronto. Twenty condominiums will be allocated on a first-come, first-served basis to those who qualify. The remaining ten condominiums will be allocated through a lottery with other qualified applicants.
Successful applicants will have their choice of available properties at Concord's LakeFront and LakeShore developments as well as the premium suites of the LakeFront's 360 collection that offer stunning views of downtown Toronto. Anchored by a 50,000 sq. ft. Loblaws flagship supermarket, 50,000 sq. ft. of restaurants and high quality retail, and an additional 140,000 sq. ft. of prime office space, The LakeFront redefines the convenience of urban living.
Concord is also demystifying home buying for first-timers by unveiling its new virtual reality experience. First-time buyers will be able to envision themselves in their new homes with Concord 360 -- an industry-leading virtual reality experience currently available for Concord's LakeFront development.
"Technology plays an important role in our developments and with this technology, we are modernizing the home buying experience from the start," explained Isaac Chan, Concord, Vice President, Sales. "Prospective buyers can view their future homes and communities through various vantage points and visualize themselves inside a virtual home without getting off of their couch. Concord 360 will change the buying experience as prospective buyers no longer need to wonder what their home will look like, they will be able to walk around it before it is even built."
The virtual reality experience is available at Concord360.com. More information about HOME can be found at TheLakeFront.ca.
Concord is the largest residential developer in Canada specializing in urban communities. Over the past two decades, Concord Adex and its parent company Concord Pacific have built (and continue to build) the 200-acre Concord Pacific Place in Vancouver, the 50 acre Concord CityPlace in downtown Toronto, the 45 acre Concord Park Place in North York and other developments throughout Canada and the UK.
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